How to Find the Lowest Medigap Premiums

Many people who turn age 65 have come to the conclusion that they will need a Medicare supplement plan to help offset medical bills and costs that regular Medicare Part A and Part B does not cover. The question quickly becomes “How to I choose the right plan?” There are a few important steps that you must take in finding not only the right coverage for yourself or your spouse, but to also make sure you pay the lowest Medigap premiums available.

The first step of the process is to choose a Medigap plan that offers you the most coverage that you are comfortable with for the best price. Certain things to consider before starting this step are:

  • What is your monthly budget?
  • How is your current health?
  • Do you visit your doctor often, or only a once or twice per year?
  • Do you never want to see a medical bill?
  • Are you okay paying a small deductible if it saves money on your monthly premiums?

The reason these questions are important is because there really is no “best” Medigap plan. Below are some descriptions of the most popular plans which will help you narrow down which one my fit your needs best.

Medigap Plan F

For people who want it all and never get a medical bill, Plan F is definitely the way to go. This plan pays all co-pays, deductibles, and coinsurance that Medicare Part A and Part B doesn’t cover. For one monthly premium things like the Part A hospital deductible, the Part B annual deductible, and the twenty percent coinsurance are all covered 100 percent. This plan also pays the coinsurance up to 100 days in a skilled nursing facility, along with a foreign travel benefit that pays 80 percent of emergency bills when traveling out of the country.

Like all other Medigap plans, Medicare supplement plan F can be used nationwide with any doctors that accept regular Medicare. Therefore, there is no network. Plan F is offered by several different insurance carriers, and each one must by law offer the same benefits within the plan. They can, and do, however all charge different Medigap premiums for Plan F. Therefore you absolutely need to check rates from multiple companies and make sure you don’t overpay for your coverage.

Medigap Plan G

Medicare supplement Plan G you will find is very similar to Plan F, only with lower monthly premiums. The only difference between the two plans is that Plan F pays the Part B annual deductible for you (You pay for it with higher premiums in reality), and with Plan G you must pay the deductible yourself each year out-of-pocket. That deductible is around $150 each year, after which Plan G will pay the remainder of all medical bills after Medicare pays.

One way to look at it is if your total monthly premiums over the course of the year on Plan F will be higher than $150 or so over Plan G, you are paying extra for the insurance carrier to pay the deductible for you. In cases where this difference is several hundred dollars per year, it makes great sense to seriously consider Medigap Plan G for your coverage.

Now that you’ve decided on appropriate plan, you need to decide on which insurance carrier to pick. We’ve already covered that each company has the exact same coverage, now it comes down to price. Companies all have different rates, making it a must to get quotes from several different carriers for the plan that you decide. This website helps you do that by just entering your zip code at the top of this page. You can then get rates from multiple companies for NO-obligation to help you see exactly what’s available in your area.

The key to getting the best coverage to supplement your Medicare insurance is to find the best plan to suit your needs, then obtain Medigap premiums from multiple companies so you don’t end up paying too much for your policy. Do this every year as well when you get a rate increase, stay healthy, and you’ll save the most money possible for your Medicare supplement insurance.

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